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Q. Explain about Smooth Convex Isoquant?
Smooth Convex Isoquant: This kind of isoquant presumes continuous substitutability of capital and labour over a certain range, beyond that the factors can't substitute each other.
This is displayed in Fig below.
Figure: Smooth Convex Isoquant
Traditional economic theory has adopted this isoquant for analysis because it is uncomplicated. Further, it is an approximation to the more realistic form of a kinked isoquant since as the number of process become infinite, isoquant becomes a smooth curve. So the properties of this isoquant are elucidated in detail below.
Pricing Methods
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
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Refer to above figure. Albania refused to engage in international trade for ideological reasons. To maximize its economic welfare it would choose to produce at which point in the d
Explaination of the Marris Model
Types of isoquant
d/f b/w MRTS and MRS
Use the data set cd costs2010 to estimate the marginal cost of one more CD. (Regress costs on the number of CDS.) Test the hypothesis that the marginal cost equals 75 cents. How wo
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